5 Best FAANG Stocks to Buy Now

3. Amazon.com, Inc. (NASDAQ: AMZN)

Number of Hedge Fund Holders: 243

Amazon.com, Inc. (NASDAQ: AMZN) ranks 3rd on the list of the 10 best FAANG stocks to buy now. The Seattle-based tech company provides an e-commerce platform, cloud computing services through Amazon Web Services, and video streaming services.

On July 30, Stifel analyst Scott Devitt maintained a Buy rating on Amazon.com, Inc. (NASDAQ: AMZN) with a price target of $4,400 per share. Despite missing revenue estimates in Q2, Scott Devitt advises investors to buy the dip, noting that the setup is enticing now that the stakes are “on the other side of the COVID comp reset.”

The company has a market cap of $1.7 trillion. In the second quarter of 2021, Amazon.com, Inc. (NASDAQ: AMZN) reported an EPS of $15.12, beating estimates by $2.83. The company’s revenue in the second quarter grew 27% year over year to $113.08 billion, missing revenue estimates by $2.01 billion. Shares of Amazon.com, Inc. (NASDAQ: AMZN) increased 5% in the last twelve months.

By the end of the first quarter of 2021, 243 hedge funds followed by Insider Monkey held stakes in Amazon.com, Inc. (NASDAQ: AMZN) with a total value of $50.4 billion.